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Under the rule, insurance companies are permitted to pass on the cost of reinsurance to consumers, although at an amount that can't exceed an industry standard. Reinsurance is protection that insurance companies acquire to shield themselves from catastrophic claim events. Typical property insurance policies, however, don't generally cover damage from disasters such as earthquakes, floods and landslides. The concern isn't whether insurance companies will pay out for damage but rather how much and how long it will take, Bach said. California does have an insurance program under the Fair Access to Insurance Requirements Plan, established in the 1960s, which provides fire insurance coverage for high-risk properties.

Persons: Amy Bach, United, Ricardo Lara, didn't, Morgan, Bach, weren't, Janet Ruiz, Ruiz Organizations: of Insurance, The Insurance Department, Morgan Insurance, Pacific Palisades, State Farm, Farm, Allstate, Mercury Insurance, Insurance Information Institute, NBC Bay Area Locations: Los Angeles, California, Westside, Pacific Palisades, Paradise

☆ California’s insurance is in crisis. The solution will cost homeowners a ton
▼ + stars: | 2025-01-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

Some of those policies were not renewed by homeowners, according to an insurance industry trade group. The issue has continued to build over the past several years, State Insurance Commissioner Ricardo Lara and consumer groups say. Those policies have higher premiums than traditional private insurance and less coverage, often requiring homeowners to buy additional “wrap around” coverage at an even higher cost. The policy is designed to get private insurers to take back much of the coverage now handled by California FAIR. California is the only state that hasn’t allowed the cost of reinsurance to be factored in to rates, she said.

Persons: New York CNN — Lynne Levin, Guzman, ’, “, I’m, —, ”, “ They’ve, they’ve, Levin, Ricardo Lara, Etienne Laurent, ” Lara, Mike Blake, Lara, Carmen Balber, Janet Ruiz Organizations: New, New York CNN, CNN, KABC, California Department of Insurance, State, California FAIR, FAIR, Reuters, Consumer Watchdog, Group, Farmers, Allstate, Insurance Information Institute Locations: New York, Los Angeles County , California, California, Los Angeles County, Malibu, American, Los Angeles, Palisades, . California

☆ Insurers dropped fire coverage for California homes months ago. Now, wildfires are claiming more houses in Los Angeles.
▼ + stars: | 2025-01-08 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Some homes affected by the Los Angeles wildfires might not have insurance. As wildfires destroy homes in Los Angeles, some homeowners might face rebuilding without insurance payouts. "California insurers are doing both." Ricardo Lara, California's insurance commissioner, announced the rule just days before the Los Angeles fires broke out. At a press conference on Wednesday, one reporter asked Lindsey Horvath, a member of the Los Angeles County Board of Supervisors, whether the Los Angeles fires would affect insurance companies' operations in California.

Persons: Dave Jones, Jones, Ricardo Lara, Lindsey Horvath, Horvath Organizations: Los, State Farm, Los Angeles Times, Business, NBC Bay Area, Center for Law, Energy, University of California, Berkeley's School of Law, Associated Press, Angeles County, of Supervisors Locations: California, Los Angeles, Palisades

Former New York Mayor Rudy Giuliani is expected at a court hearing in New York Friday about whether he should be found in contempt of court, an appearance the longtime ally of President-elect Donald Trump sought to skip at the last minute. "Defendant cannot ask the Court both to consider his out-of-court signed declarations and to deprive Plaintiffs of the opportunity to cross-examine him on his statements in open court," Liman wrote in a ruling late Thursday. "Enough is enough," they wrote in a court filing urging Liman to slap Giuliani with "appropriate sanctions" to get him to comply with the orders. Their filing doesn't specify what those sanctions should be; the judge could fine or even jail Giuliani if he finds him in contempt. The contempt proceeding is one of two Giuliani faces relating to Freeman and Moss.

Persons: Rudy Giuliani, Donald Trump, District Judge Lewis Liman, Giuliani, Liman, Giuliani’s, Joseph Cammarata, Ruby Freeman, Shaye Moss, who's, Freeman, Moss, New York Yankees Hall of Famer Joe DiMaggio, he's, Joe DiMaggio, Monsignor Alan Placa, I'd, Ricardo Arduengo, hasn't, they’re, you’re, Reggie Jackson, Derek Jeter, Jackson, that's, Beryl Howell, Howell, defaming Freeman, Donald Trump’s Organizations: New York, World Trade, U.S, District, NBC, New York Yankees Hall of Famer, New, New York Cooperative, Benz, Mercedes, Reuters, Yankees, of Famer, Manhattan, Washington , D.C, D.C Locations: New York, Georgia, New York City, Florida, Palm Beach, Washington ,, Washington

☆ Puerto Rico's power is back on — but outages are still happening. Business owners say it's a struggle to recover.
▼ + stars: | 2025-01-03 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +6 min

Still, the island's power company warned that there could be more electricity outages. Local business owners in San Juan told BI about their struggles to recover. Small business owners and workers in Puerto Rico say they're struggling to recover from a massive power outage earlier this week that left the entire island without electricity. Though some businesses and residences had their power restored by Tuesday afternoon or evening, others had to wait longer. ADThe island's power system has been an issue for a long timePuerto Rico has for years dealt with a sometimes rickety power system, highlighted in the aftermath of Hurricane Maria in 2017 and Hurricane Fiona in 2022 .

Persons: they're, they'd, Gabriel Hernandez, Hernandez, Ricardo Arduengo, he's, hasn't, Jose Lopez, Ryan Pamplin, Hurricane Maria, Fiona, Jenniffer González Colón Organizations: BI, Tuesday, Luma Energy, Business, REUTERS, Villa Herencia, Puerto Rico Electric Power Authority, Associated Press Locations: San Juan, Puerto Rico, Verde Mesa, —, Juan, Dorado, Hurricane

BAYAMÓN, Puerto Rico — Power was restored to nearly all electrical customers across Puerto Rico on Wednesday after a sweeping blackout plunged the U.S. territory into darkness on New Year’s Eve. By Wednesday afternoon, power was back up for 98% of Puerto Rico’s 1.47 million utility customers, said Luma Energy, the private company overseeing transmission and distribution of power in the archipelago. The lights went off in Puerto Rico at 5:30 a.m. on Tuesday, darkening almost the entire archipelago as people prepared to ring in the New Year. The island’s power grid was ravaged in September 2017 by Hurricane Maria, a Category 4 storm. Last month, Puerto Rico’s Energy Bureau approved an increase of 2.2 cents per kilowatt hour for residential customers from January through March, causing electric bills for the average household to jump by nearly $20, the Energy Bureau says.

Persons: Puerto Rico — Power, “, Juan Saca, Ricardo Arduengo, Jenniffer González Colón, ” González Colón, Colón, ”, Hurricane Maria, Hurricane Ernesto Organizations: Puerto Rico —, Wednesday, Energy, Luma, Authorities, Tuesday, Getty, Hurricane, Puerto Ricans, Puerto Rico’s Energy Bureau, Energy Bureau Locations: Puerto Rico, U.S, Puerto, San Juan, AFP, Hurricane

☆ I moved to Puerto Rico for the entrepreneurial scene and I love it — except for the constant power outages
▼ + stars: | 2024-12-31 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +7 min

Ryan Pamplin moved to Puerto Rico four years ago for the entrepreneurial scene. AdvertisementPamplin was affected by Tuesday's near-total blackout in Puerto Rico, which left millions of residents across the island without power. In recent years, Puerto Rico has seen a rise in entrepreneurs moving there. Then I planned a whole trip to Puerto Rico with my cofounder and our wives, and we fell in love with it. The stoplights were out and most buildings were unlit in San Juan on Tuesday as a massive power outage swept Puerto Rico.

Persons: Ryan Pamplin, Pamplin, COVID —, who's, honking, we've, RICARDO ARDUENGO, I've, hasn't Organizations: Puerto Rico, Tuesday, Getty, ACs, Business Locations: Puerto, Puerto Rico, Dorado, Tuesday's, Santa Monica , California, New York, Florida, San Francisco Bay, San Juan, AFP, United States

Los Angeles Dodgers pitcher Fernando Valenzuela at Dodger Stadium in around 1981. And by age 20, he’d touched off a fan frenzy pitching for the Los Angeles Dodgers. When he made the cover of Sports Illustrated, the headline read: “UNREAL!”As Valenzuela rose to stardom, “Fernando-mania” swept Los Angeles. His success helped heal old wounds in Los Angeles’ Mexican American community over the displacement of families before the building of Dodger Stadium. In 2018, the Los Angeles County Board of Supervisors apologized to women who had undergone coerced sterilizations from 1968 to 1974.

Persons: Fernando Valenzuela, George Rose, FERNANDO VALENZUELA, he’d, Valenzuela, Cy Young, “ Fernando, ”, Gustavo Arellano, “, El Toro, ” Arellano, ” Chita Rivera, Walter McBride, CHITA RIVERA, Rivera, Anita, “ Bye, Birdie ”, Tony, Sergio Trujillo, ” Trujillo, Trujillo, Chita, Priscilla Lopez, ” Lopez, Ricardo Urbina, Katherine Frey, RICARDO, Urbina, Kenia Seoane, ” López, ” Ozzie Virgil Sr, Louis Requena, OZZIE VIRGIL SR, Virgil, Ozzie Virgil Jr, ” Virgil Jr, ” Dolores Madrigal, NBC Universal Archives DOLORES MADRIGAL, Madrigal, sterilizations, “ It’s, Virginia Espino, Mexican American Dick Clark, Johnny Canales, Selena Quintanilla, Paul Hawthorne, JOHNNY CANALES, Canales, American Dick Clark, Cheech Marin, Selena, Canales ’, Johnny, Ramón Hernández, ” Barry Romo, VVAW National Staff BARRY ROMO, Romo, Joan Baez, Orange, “ Barry, Jeff Machota, ” Tatcho, Mindiola, Sen, Carol Alvarado, Eduardo Xol, ABC’s, ” Neilson Barnard, EDUARDO XOL, Xol, Ty Pennington, Eduardo, ” Pennington, ” ELBA CABRERA, Cabrera didn’t, Cabrera, Piri Thomas, Tato Laviera, “ Elba Cabrera, Anibal Arocho Organizations: Los Angeles Dodgers, Dodger, Dodgers, Sports Illustrated, Los Angeles Times, Broadway, Kennedy, Washington, Getty, Georgetown University, New York Athletic Club, American Olympians, Summer, Georgetown Law, Washington D.C, U.S, “, D.C, Major League Baseball, New York Giants, MLB, Detroit Tigers, Baltimore Orioles, Pittsburgh Pirates, NBC Universal Archives, USC Medical, Los Angeles County, Army, DJ, Univision, Telemundo, Tigres del, Tejano, TV, Star, VVAW National Staff, U.S . Army, Washington , D.C, Vietnam Veterans, University of Houston, Brown University, Ivy League, Mexican American Studies, National Association for Chicana, Chicano Studies, Los Angeles Philharmonic Orchestra, Spanish, las artes, New York City’s, Association of Hispanic Arts, Lehman Center, Performing Arts, Center for Media Arts, New York City’s Puerto Rican Traveling, Center, Puerto Rican Studies, Hunter College Locations: Mexico, Los Angeles, L.A, U.S, Mexican, New York City, Puerto Rican, “ Chicago, Chita, Washington, Washington ,, Dominican, Dominican Republic, Latin America, Los Angeles County, Mexican American, Corpus Christi , Texas, Americas, American, Vietnam, Southeast Asia, ” Tatcho Mindiola, Houston, ” Texas, America, las, New York, New York City’s Puerto Rican, Bronx

☆ The best illustrations and photos from Business Insider in 2024.
▼ + stars: | 2024-12-20 | by ( Business Insider | ) www.businessinsider.com time to read: +6 min

Business Insider's creative team covered an array of projects this year. We brought our stories to life by incorporating animations, crafting bespoke multimedia experiences for our biggest stories, producing and commissioning hundreds of illustrations, and working with photographers around the globe. Our visuals captured a wide range of topics, from looking into illegal lockouts in major US cities to Ozempic Scams. We hired nearly 250 talented freelancers who helped bring our most compelling stories to life, producing over 1,500 pieces of custom art that enhanced our storytelling. Here are some of our favorite visual creations from 2024.

Persons: Jett Lara Jett Lara, Timo Lenzen Timo Lenzen, Andrei Cojocaru, Rebecca Zisser, Isabel Fernandez, Pujol, Randy Yeip, Annie Fu, Bridget Bennett, Callaghan O'Hare, Alyssa Pointer, Abel Uribe Andrei Cojocaru, Brandon Celi Brandon Celi, Caroline Xia, Ramona Jingru Wang, Sam Lee Caroline Xia, Gracia Lam Gracia Lam, Tyler Le Tyler Le, Chris Burnett Lauren Harris, Matt Jelonek, Katy Cummings, Chris Burnett, Javier Jaén Javier Jaén, Seba Cestaro, Hokyoung Kim Hokyoung Kim, Pablo Declan Pablo Declan, Dina Litovsky Dina Litovsky, Alyssa Powell Getty, Kevin Dietsch, Alyssa Powell, Natalie Ammari, Ibrahim Rayintakath Ibrahim Rayintakath, Carl Godfrey Carl Godfrey, Mike Simmons Mike Simons, Jimmy Simpson Jimmy Simpson, Halsey, Taylor Swift, Sabrina Carpenter, Billie Eilish, Danica Robinson, Blair Caldwell, Brent McKeever, Shirlaine Forrest, Nina Westervelt, Kevin Mazur, Deena So'Oteh Deena So'Oteh, Mark Harris Mark Harris, Jenny Chang, Rodriguez, Astrid Landon Chateau, Astrid Landon, Alex Castro Alex Castro, Chris Gash Chris Gash, Hugo Herrera Hugo Herrera, Alvaro Dominguez Alvaro Dominguez, Rebecca Zisser iStock, Natalia Agatte Natalia Agatte, Kim Nguyen, Jovelle Tamayo, Tim Evans, Helynn Ospina, Andre Chung, Brittany Greeson, Libby, Matt Harrison Clough Matt Harrison Clough, Ana Topoleanu Ana Topoleanu, Karan Singh Karan Singh, Simone Lueck Simone Lueck, Saratta Chuengsatiansup, Valentin Tkach Valentin Tkach, Abanti Chowdhury Gen Zers, Abanti Chowdhury, Alyssa Powell iStock, Andres Martinez Casares, Sheryl Nields Sheryl Nields, Derek Abella Derek Abella, Nate Sweitzer Nate Sweitzer, Sam Green, Ramie Ahmed Ramie Ahmed, Rodriguez Tingting Ji, Chelsea Jia Feng Microsoft, Chelsea Jia Feng, Loveis Wise Loveis Wise, Ricardo Tomás Ricardo Tomás, Sebastian König Sebastian König, Arif Qazi Arif Qazi, Richard A, Chance Richard A, Kendrick Brinson Kendrick Brinson, Chelsea Jia Feng Hermes, Kiersten Essenpreis, Tara Anand Tara Anand, Tommy Parker Tommy Parker, Juanjo Gasull, Liam Eisenberg Liam Eisenberg, David Vades Joseph David Vades Joseph, Rebecca Zisser Grzegorz Wajda, Pete Ryan, Randy Yeip Pete Ryan, Jordan Vonderhaar Jordan Vonderhaar, Keith Negley, Momo Takahashi, Alex Welsh Keith Negley, Sophi Gullbrants, Matt Rota, Dan DeLorenzo Organizations: BI, Brittany, Chelsea, Getty, Christian, Northeast, Design Locations: Parkwood

In a record, five of the 25 movies inducted this year into the National Film Registry at the Library of Congress feature prominent Latino lead actors and storylines. AlamyCastro had included all of the films, except for “Star Trek II: The Wrath of Khan,” in the annual nominations list he submits to the National Film Registry. “The Ballad of Gregorio Cortez” film was actually inducted into the National Film Registry in 2022, thanks, in part, to Castro's efforts. “Spy Kids” marks the second time Rodríguez had one of his movies included in the National Film Registry. This film also received strong support from the public to have it inducted into the National Film Registry, the Library of Congress said.

Persons: ”, Khan, Joaquín Castro, who’s, Castro, Carla Gugino, Antonio Banderas, Alexa PeñaVega, Daryl Sabara, Alamy Castro, Selena Quintanilla’s, “ Selena ”, he's, Ricardo Montalbán, Robert Rodríguez, Rodríguez, Juni, Carmen Cortez, ” Rodríguez, “, James Bond, Carmen, Gregorio Cortez, Gregorio Cortez ”, Danny Trejo, Cheech Marin, Tommy Chong, Marin, ” Marin, Constance Marie, Edward James Olmos, Elpidia Carillo, Jenny Gago, Jimmy Smits, Lupe Ontiveros, Enrique Castillo, Eduardo Lopez Rojas, Gregory Nava's, Selena, Roger Ebert, Esai Morales, Jennifer Lopez, Jacob Vargas, Benito Martinez, Olmos, ” Olmos, Lou Adler, ” Adler, Ricardo Montalban, Judson Scott, Khan Noonien Singh, Kirk engrained, Montalbán, Carla Hayden, Javier Bardem, Cormac McCarthy Organizations: National Film, Library, “, of Congress, “ Star, Congressional Hispanic Caucus, Film Preservation, NBC News, Film Registry, Paramount, Warner Bros, Library of Congress, NBC, Jewish, Monterey, “ Films, National Film Registry Locations: Texas, Colombian American, Spanish, El Norte, Mexican, U.S, Los Angeles, “, American, Khan, Spain, America, Brazil, Rio Grande

☆ A new Google AI-powered weather model could be key to the future of your forecast – but there’s a catch
▼ + stars: | 2024-12-13 | by ( Mary Gilbert | ) edition.cnn.com time to read: +20 min

A big problem to solveGenCast is a critical advancement in modeling, but like any other weather forecast model, it isn’t perfect. Jeffrey Collins/AP Len Frisbee dumps a wheelbarrow of dirt as he helps with cleanup in Hot Springs, North Carolina, on October 1. Marco Bello/Reuters Linda Bandy, left, and Carissa Sheehan clean up inside the International Moulding frame shop in Morganton, North Carolina. Jonathan Drake/Reuters Floodwaters are seen in Asheville in this image released by the North Carolina Department of Transportation on September 28. Joe Raedle/Getty Images Hurricane Helene is seen in a satellite photo on September 26.

Persons: Google’s DeepMind, DeepMind, ”, Peter Dueben, GenCast, “, Skip, Ilan Price, Price, ” Price, ” Dueben, It’s, Jonathan Drake, Reuters Martika, Helene, Erik S, Eduardo Munoz, Sean Rayford, Allison Joyce, Mike Stewart, Emily Ogburn, Cody Klein, Melissa Sue Gerrits, Sam Soughail, Van Hutchins, Dennis Rector, Josh Morgan, Andy Brown, Jeffrey Collins, Len Frisbee, Jeff Roberson, Christian Monterrosa, Marco Bello, Reuters Linda Bandy, Carissa Sheehan, Kathy Kmonicek, Janice Whitley, Terry Wilson, Melinda, Kathleen Flynn, Paul Hennessy, Gerald Herbert, Elmira Glover, Joe Raedle, John Falchetto, Cassandra Randall, Jessica Downey, Greg Lovett, Hurricane Helene, Hailey Morgan, Phelan M, Megan Varner, Sarah Cribbins, Michael, Luis Santana, Miguel J, Rodriguez Carrillo, Richard Burkhart, Mike Carlson, Candice Ocvil, Jibri Tolen, Cristobal Herrera, Candace Redwine, Guy Ford, George G, Tapper, Ricardo Arduengo, Joe Burbank, Carol Poulson, Andrew West, Cynthia Centeno, Reuters Charles Starling, Stephen M, Dowell, Chandan Khanna, Thomas Simonetti, Pete Beach, Ramon Espinosa, Paola Chiomante Organizations: CNN, European Centre, Hemisphere, Google, Reuters, Reuters Helicopters, Getty, Homes, AP, & Sons Department, USA, New York Times, Anadolu, Workers, North Carolina Department of Transportation, Tampa Bay Times, AFP, East, Savannah Morning, United States Coast Guard, Walt Disney, Orlando Sentinel, Tribune, Service, Fairview Middle School, Fishel, State Emergency Operations Center, Washington Post, NOAA Locations: Boone , North Carolina, Canton , North Carolina, Swannanoa , North Carolina, Cruso , North Carolina, Swannanoa, Bat Cave , North Carolina, Bills, , North Carolina, AFP, Lake Lure , North Carolina, Rock , North Carolina, Barnardsville , North Carolina, Lure, Asheville , North Carolina, Marshall , North Carolina, Augusta , Georgia, Springs , North Carolina, Bat, Bat Cave, Morganton , North Carolina, Old Fort, Fletcher , North Carolina, Steinhatchee , Florida, Tampa , Florida, Steinhatchee, Boone, Asheville, Treasure Island , Florida, Horseshoe Beach , Florida, Valdosta , Georgia, Horseshoe Beach, Laurel, Vilas , North Carolina, Crystal River , Florida, Hurricane, Crystal River, Peachtree Creek, Atlanta, , Florida, Savannah , Georgia, Savannah, Shore, St . Petersburg , Florida, Valdosta, Key , Florida, Tarpon Springs , Florida, Watauga, Sugar Grove , North Carolina, Florida, Port Saint Joe , Florida, Bay Lake , Florida, St . Petersburg, Fort Myers Beach , Florida, Tallahassee, Leon County , Florida, Eastpoint , Florida, Villages, Tallahassee , Florida, Gulfport , Florida, St, Cross City , Florida, Guanimar, Cuba, Panacea , Florida, Puerto Juarez, Mexico, Clearwater , Florida

☆ Why Tekever, a startup that makes spy drones used in Ukraine, is banking on AI
▼ + stars: | 2024-12-12 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +5 min

Its AI-enabled long-range surveillance drones have been used by Ukrainian forces. AdvertisementOne such company is Tekever, a Portuguese drone maker that recently secured funding from the NATO Innovation Fund. Tekever's drones are equipped with multiple sensors, including cameras, maritime radar, synthetic aperture radar (SAR), and light detection and ranging (LIDAR). Two of Tekever's systems, the AR5 and AR3, have been used by Ukrainian forces for long-range surveillance operations in the war with Russia. A Ukrainian Volunteer Army member hurls a surveillance drone into the air.

Persons: Ricardo Mendes, Tekever, Sanaz, " Mendes, Robert Brovdi, Nicolas van Hanxleden, Lynsey Addario, Mendes Organizations: Ukrainian, NATO Innovation Fund, Service, Ukrainian Volunteer Army Locations: Portuguese, Lisbon, Ukraine, Russia, Moscow, Kyiv, Southampton

☆ Analysis: How Marco Rubio could raise the stakes for Cuba if he becomes secretary of state
▼ + stars: | 2024-12-08 | by ( Patrick Oppmann | ) edition.cnn.com time to read: +7 min

Havana, Cuba CNN —For more than 60 years Cuba has buckled under US economic sanctions and its own government’s missteps. The son of Cuban exiles, Rubio has long made it his mission to ramp up the US trade embargo on Cuba. If confirmed, Secretary of State Rubio will face far more pressing issues like Russia’s war in Ukraine, conflict in the Middle East and countering growing Chinese influence in the world, particularly in Latin America. As secretary of state, Rubio could run point on devising additional economic sanctions on Cuba, increasing funding for dissidents and pro-democracy programs that Havana considers tantamount to regime change, and further restricting US travel to Cuba. During the first Trump administration, “Rubio called the shots on Cuba,” a US diplomat who did want to be quoted by name told CNN.

Persons: Sen, Marco Rubio, Donald Trump, bode, Rubio, ”, Peter Kornbluh, ” Kornbluh, State Rubio, Norlys Perez, Biden, … You’ve, ” Manuel Roig, ” Rubio, Trump, “ Rubio, “, ’, Vladimir Putin, Kim Jong Un, Ricardo Herrero, —, Will Lanzoni, “ Narco ” Rubio, Eisenhower, Miguel Diaz, Canel Organizations: Cuba CNN, CNN, Republican, Reuters, “, Cuba Study, Trump, Convention, CNN Cuban Locations: Havana, Cuba, Cuban, Washington, ”, Ukraine, America, West Miami, Miami, Venezuela, Nicaragua, United States, “ Cuba, Mexico, Milwaukee , Wisconsin, Florida

☆ Citi promoted its largest class of managing directors under Jane Fraser. Check out the 344 names here.
▼ + stars: | 2024-12-05 | by ( Reed Alexander | ) www.businessinsider.com time to read: +9 min

AdvertisementCitigroup announced 344 new managing directors on Thursday, its largest class under CEO Jane Fraser. It boosted the number of new MDs in technology, a unit core to Fraser's transformation efforts. Citigroup on Thursday named 344 employees to the bank's highest rank outside the C-suite, the most since Jane Fraser became CEO in 2021. Managing director promotions are an annual tradition across Wall Street and help to showcase the next generation of industry leaders. Citi's MD promotions come as Fraser continues a yearslong effort to modernize and simplify the bank, including by thinning out its management ranks.

Persons: Jane Fraser, Citi's, Fraser, Viswas Raghavan, Aditya Agarwal Salomon Amkie Vicente Alejandro Arevalo Barrabes Lorenzo Beacco Chad Bergert Mike Berry Seok Hoon Chia KC Clark Blazej, Lucy Devlin Colm Donnelly Osama Naji El, Ali Casper Elnegaard Ben Exner Gustavo Fontes Andre Funari Mario Garcia Ricardo Garza Cecile Guilleminot Ferdinand Haindl Melissa Haw, Elia Hermida William Herrmann Eric Himmelberger Crystal Jin Gabe Juarez Abhishek Kaila Dai Kitatani Abhinav, Billy Liu Param, Ula Malczewska Siena Malik Simon Marrison Gino Mbetse Andrew Miller, Jones Kevin O'Sullivan David Oji Mihail Polyakov Prateek Rastogi Partha Rathore, Sun Alex Syhanath Atsushi Tauchi, Tinaztepe Yeung Tsai Sunny Wang, Rajan Brotia Barry J, Fatima, Ian Booth Laura Chia Yi Chen Andrew Gardiner Neary Guenin Shishir Prasad Kenny Pun Tyler Radke Jennifer Sariano Jamie Searle Chirag Shah, Shah Jack Shang Noorie Singh Albert Sutton Judy Yip Xiangrong Yu Cedric Zunino, Abhishek Agarwal Rob Brodie Sean Burnham Geoffrey Capes Erika Federico Kimberlie Hardial, Choo Stuart Hill Kyle Hughes Ketan, Swati Kulkarni James McGuigan Adrian Murphy Juan Francisco Orrego Tim Palmer Chris Skarzinski Carolina Spalding Pamela St John Subha V Chris Winter Adam Wood, Graham Buck Anmol Chowdhry Davida Heller, Bilal Akhtar Peter Battin Yun, Chen Peter Demoise Marcos Diaz Kimberly Egert Michael Fillius Janak Ghosh Kevin Hong Matt Jonason Dimba Kier Bertrand Louvard Cynthia Ng Sandeep Pati Rebecca Reeb Teresa Salvato Yun Wang, Alberto Arenas, Kimberly Barnes, ICRM Michael Caravella, Shirley Carter, Sam Cory, ICRM Mark Eliades, Steven Krause, ICRM Dora Kreymborg, Angie Lockley, Dana Lukens, Matthew MacIntyre, Piotr Matuszewski, Rosie McAnlis, Geardine McCann, Ciarán Murphy, ICRM Paul Patton, Deborah Resch, Jose Riera, Mark Steuer, ICRM Laura Toustau, ICRM Rosalie Yee, Shari Funk Shay Gonen Laura Zablah, Neha Bhardwaj Callie Boyd Josh Goldsmith Gordon Hua Sophia Jingo Patrick Kielty Neil Kothare James Kouame Cindy Santoro, Fahad Aldeweesh Maria Paula Carvajal Jonathan Nix Kubilay, Bill Burns Enrique Granillo Jesus Jauregui Gonzalo Palafox Erick Ramirez Jean Rocha Rodrigues, Laurence Assip Robert Beatson Paul Berry Matthew Boyer Suninder Singh, David Collis Ashish Kumar Daga Marc Damoiseaux Connor Dwyer Chuck Edmunds Richard Fairhall Carlos Ferrari Michael Fershtman Imelda Frayre Andre Grossi Roshni, Aditya Gupta Natalia Gutierrez de, Kentaro Hayashi Peter Nicholas Hext Sandy Hou Rocky Huang Rob Hughes, Ibidunni Howard Ilderton Johan Kabla Neha Kapur Yana Keresteliev Subir Kumar Christopher Kuo Eirini Lerikou Ronan Liston Jorge Lonegro Steffen Lunde Roberto Massacci Maura McFadden Egor Miroshnikov Jim Monahan Chen Ni Fonzarelli Ong Warren Parker Vijay Parthasarathy Mihaela Penes Galvin, Jason Pillai Luke Pollock Jonathan Radke Rohit Rajgaria Richard Rosin Camila Rossetti David Rufino Colin Ryan Manish Saraf, Marie Sho Esben, Siris Singh Iqbal Sohal Kumar Subramanian Andrew Sufka Aruna Tatavarty Davy Tsang Miro Vucetic Rishi Watts Marcus Weickel Henry Wong Jeff Wu, Sigrid Nubla Risk, Mikael Amar Gabby Banwait, Anindya Basu Bridget Griffin Nayantara Gupta Matthew Haigh Chuck Hou, Liza Ramsammy Navrup Rana Ravi Surana Logan Tamres Rodrigo Vargas Thomas Wood, Saurabh Arora, Barkai Leandra Catton Amit Choudhary Chris Cook Yoanna Darwin Jane Dulson Carol Ferretti James Flugstad Elena Gomez Mandeep Heer Jonathan Jordan Ronan Kealy Lenny Leone Simon McConnell Ross McEwan Mary Messer Olivia Morgan Sergei Oganov Patrick O'Neill Nikhil Patankar Sonal Patel Leandro Quintal Rob Ranson Andy Ren Kirstin Renner Sean Ruby Yvonne Swainston Tomas Videla Heidi Willox Elias Xilas Melissa Ongleo Yambao, Catherine Ablott Mohamed Alsaloom Shante Avery Kashif Awan, Bahree Mark Ballard Andre Batista Kathryn Beard Rachel Carpenter, George Cheruvathoor Gonzalo Cordova Nigel Deverteuil Ryan Evans Jeffrey Hazel Adam Hess John Shannon Hogue Hong Jiang Dave Jones Hitesh, Greg Lurie Rajesh M, Deepak Nabera Steven Readett Jon Rosen Michael Todisco Nishanth, Rajesh Wadhwa, Jeff Chwast Timothy R Dougherty Tracy Goldman, K, Yogi Abhyankar Emile Abinader Rob Anderson Zeshan Azam Nicola Baker Christopher Barron Stewart Boag Olga Bogdanova Greg Byrne Winnie Choi Mendy Chung Juan Francisco Clemenza Sheethal, David C Darshan Beth Emswiler Matthew Ferrari, Wells Jenny Fung Carlos Garcia, Crespo Brad Goldberg, Danny Jones Eric Kraus Mark Chung Hei Lee Lena Siew Geok Lim Jason Liu Andrew Louw Alinne, Makar Alex Marks Kishore Indroo Motwani Luis Negrete Diego Parlaghy Claudia Penido Juan Guillermo Ramirez Gaston Rodriguez Jason Rosen Einat Sadka Masa, Kathy Stith Narayan Swamy Diego Szuldman Frederic Viaud Organizations: Citigroup, Bank, Revlon, Citi, Technology, JPMorgan, Business, Citibank, N.A, Operating, Enterprise Services, Public Affairs, Finance, Chen Peter Demoise Marcos Diaz Kimberly Egert Michael Fillius Janak Ghosh Kevin Hong Matt Jonason Dimba Kier Bertrand Louvard Cynthia Ng Sandeep Pati Rebecca Reeb Teresa Salvato Yun Wang Global Legal Affairs, Compliance, Barkai Leandra Catton Amit Choudhary Chris Cook Yoanna Darwin Jane Dulson Carol Ferretti James Flugstad Elena Gomez Mandeep Heer Jonathan Jordan Ronan Kealy Lenny Leone Simon McConnell Ross McEwan Mary Messer Olivia Morgan Sergei Oganov Patrick O'Neill Nikhil Patankar Sonal Patel Leandro Quintal Rob Ranson Andy Ren Kirstin Renner Sean Ruby Yvonne Swainston Tomas Videla Heidi Willox Elias Xilas Melissa Ongleo Yambao Technology, Personal Locations: headcount

☆ It’s the world’s largest building shaped like a chicken. It’s also a hotel
▼ + stars: | 2024-11-27 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +3 min

CNN —Travelers to the Philippines can now book a room in the world’s largest building shaped like a chicken, located in the country’s remote highlands. No, you’re not expected to bed down on top of a pile of straw in a chicken coop. The towering six-story building stands nearly 35 meters (over 114 feet) tall and has 15 rooms, all equipped with air-conditioning. Located atop the hills of Campuestohan Highland Resort on the island of Negros Occidental, the new landmark was officially given the Guinness World Record title for being the largest building in the shape of a chicken on September 8. The massive rooster can be found at the Campuestohan Highland Resort in Negros Occidental, Philippines.

Persons: you’re, –, Ricardo Cano Gwapo Tan, ” Tan, ”, “, Tan, Misa de Gallo, Anita Organizations: CNN, Travelers, Negros Occidental, Silay Locations: Philippines, Negros Occidental, Negros . Cockfighting, Thailand, Indonesia, India, Negros, Manila, Cebu, Bacolod

☆ A startup making spy drones being used in Ukraine got a funding injection from NATO
▼ + stars: | 2024-11-21 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +3 min

A dronemaking startup whose equipment is being used by the Ukrainian military got a cash injection from NATO. AdvertisementThe company has said its equipment is being used in Ukraine though not which of its models were sent. Drones are used for surveillance, to carry light supplies, for targeting assistance, and as weapons. AdvertisementThe battlefield features drones from around the world, spanning cheap consumer drones, high-end military hardware, and improvised systems. A new £60 million package of military support from the UK-administered International Fund for Ukraine will provide advanced new surveillance drones to support 🇺🇦's Armed Forces.

Persons: Ukraine —, tim e Organizations: NATO, NATO's Innovation, UK Ministry of Defence, Fund Locations: Ukraine, Ukrainian, Portuguese

☆ USMNT beats Jamaica to book place in CONCACAF Nations League semifinals
▼ + stars: | 2024-11-19 | by ( Matias Grez | ) edition.cnn.com time to read: +2 min

CNN —The US men’s national soccer team (USMNT) booked its place in the CONCACAF Nations League semifinals next year with a thrilling 4-2 win over Jamaica in St. Louis, Missouri, on Monday night. The victory secured a 5-2 aggregate win over the Reggae Boyz after a hard fought first leg in Jamaica finished 1-0 to the US last week. Mauricio Pochettino’s side opened up a 3-0 lead in the first half thanks to Christian Pulisic’s brace and Ricardo Pepi’s low strike from outside the box. Demarai Gray pulled a goal back for Jamaica early in the second half, before Timothy Weah extended the US lead to three again just minutes later. “We need to be desperate to arrive to March and to be all together,” he added.

Persons: Mauricio Pochettino’s, Christian, Ricardo Pepi’s, Demarai Gray, Timothy Weah, Gray, “, Pulisic, ”, Mauricio Pochettino, ” Pochettino, ” Mauricio Pochettino, John Dorton, Germain, Pochettino Organizations: CNN, US, soccer, CONCACAF Nations League, Jamaica, Reggae, ESPN, “, Getty, Former Tottenham, Paris Saint Locations: St, Louis , Missouri, Jamaica, Mexico

☆ Britain is building the most expensive railway in the world. Many people now think it’s pointless
▼ + stars: | 2024-11-18 | by ( Ben Jones | ) edition.cnn.com time to read: +17 min

Population density and topography obviously have a significant effect on construction costs. “There was also a lack of discussion over the chosen route, which could have followed existing highway corridors.”Rapidly rising construction costs have plagued major projects across the world in recent years. Signs placed on a fence by environmental activists protest against tree-felling operations for the HS2 rail link at Jones Hill Wood in Wendover, England, in April 2021. However, their efforts were in vain and only succeeded in significantly driving up construction costs. ‘Mutilated and pointless’Plans have been dropped for a proposed HS2 railway station at Meadowhall in Sheffield.

Persons: hoardings, Henry Nicholls, it’s, Christian Wolmar, ”, Ricardo Ferreras, “, ” Ferreras, Wolmar, Chris Gorman, Wood, Mark Kerrison, Joe Giddens, Mike Kemp, Rishi Sunak, Anna Gowthorpe Organizations: CNN, Speed, Britain, WHOOSH, Station, London Times, ” Railway, CNN Travel, —, Chiltern, New Economics Foundation, London Euston, Birmingham Airport, Crewe, Conservative, Labour, Birmingham, Sunak, Leeds, High Speed Rail, Hitachi, Alstom, Siemens, Euston, Treasury, Audit Office Locations: United States, Bordeaux, France, China, Japan, London, English, Birmingham, Jakarta, Bandung, London's, AFP, Britain, Ukraine, Europe, Spain, Great, England, Jones, Wendover, Buckinghamshire, Colne, Cross , Hertfordshire, Manchester, Leeds, Scotland, Wales, Euston, Crewe, Meadowhall, Sheffield, Midlands, Nottingham, Liverpool

☆ Latino mobile home park residents denounce conditions, allege discrimination
▼ + stars: | 2024-11-14 | by ( Albinson Linares | Albinson Linares Is A Reporter For Noticias Telemundo Based In Mexico City. | ) www.nbcnews.com time to read: +13 min

The sewage is exposed to the air and causes a lot of nausea and headaches,” said Veronica Isabel Dahlberg, executive director of HOLA Ohio, a nonprofit group assisting Latino state residents, which has advised mobile home park residents who sued. It is very expensive,” said Yvonne Maldonado, a co-director of Manufactured Housing Action, a nonprofit group that focuses on such communities. “We have recently seen private equity enter the manufactured housing market," PESP housing research coordinator Madeline Bankson said. During hurricanes, the National Weather Service has said, 72% of deaths occur in homes, and of those, 54% occur in mobile homes. She also urged mobile home park residents to organize their communities and if there are complaints, to do it as a group, which is more effective.

Persons: Mariano Jacobo Piñón, ”, Vicente Hernández, Ricardo Rodríguez, Veronica Isabel Dahlberg, Mariano Jacobo Piñón's, ” Rodríguez, Melissa Solomon, Jones, Patrick J, Condon, Yvonne Maldonado, Maldonado, Ana Eugenia Báez, Báez, Andrea Chiriboga, Flor, Ascentia, Marko Vukovich, ” Vukovich, Esther Sullivan, Eva Marie Uzcategui, Madeline Bankson, Fannie Mae, Freddie Mac, Jeanne Shaheen, Richard Blumenthal, John Fetterman, ” Shaheen, Banks, Juan Pablo Garnham, Garnham Organizations: Fairgrounds United, Perry Mobile Home, Noticias Telemundo, Jones Estates Fairgrounds, Jones Estates Perry LLC, Jones Estates, Department of Housing, Urban, Survey, Residents, People Center, Foxridge, Colorado Mobile, Private, University of Colorado, Home Parks, The Washington, Getty, Prosperity, Federal Housing Administration, “, Telemundo, Princeton, National Weather Service Locations: Lake County , Ohio, Mexico, Ohio, Hernández, Lake County, Mobile, U.S, New York, Colorado, Foxridge, Arapahoe County , Colorado, Denver, Sarasota , Fla, Sens

Police arrested a naked man in the crawl space underneath the El Sereno, California, home of a 93-year-old woman Friday morning. The unsettling incident took place after the woman and her family had reported hearing strange noises for weeks. Family members at the home called the police immediately, and when officers arrived, they found a naked man in the crawl space. The crawl space itself is only about 2 feet high and stretches under the entire home with three entryways. The family says they’ll be securing the crawl space to prevent this from happening ever againBetancourt was arrested for trespassing, the LAPD said.

Persons: El, ”, Ricardo Silva, Silva, ” Silva, Issac Betancourt, “, Betancourt didn’t, Betancourt, it’s, they’ll Organizations: Los Angeles Police Department, LAPD Locations: El Sereno , California

If González’s advantage over Dalmau prevails, the pro-statehood New Progressive Party would make history as the first in Puerto Rico to secure a third consecutive term. Back-to-back pro-statehood governors have held office in Puerto Rico since 2016, when Ricardo Rosselló was elected. Local political parties are largely divided based on the issue of Puerto Rico’s territorial status. An unprecedented shiftNo winner has been certified yet, Jessika Padilla, president of the Puerto Rico Elections Commission, said during a news conference early Wednesday. The Puerto Rico Elections Commission is so far reporting a 58% voter turnout in this year’s election.

Persons: Jenniffer, Juan Dalmau —, “, ” González, González, Dalmau, Ricardo Rosselló, Pedro Pierluisi, Rosselló’s, Wanda Vázquez, Kamala Harris, Donald Trump, ” Gonzalez, Maria, Jessika Padilla, Jesús Manuel Ortiz, Ortiz, Fernando Rivera, Puerto Ricans, Harris Organizations: New Progressive Party, Puerto Rican Independence Party, Citizens, Puerto Ricans, Puerto, Puerto Rico Elections Commission, Local, Trump Cabinet, Popular Democratic Party, Dalmau, “ Alianza ”, Puerto Rico Research, University of Central, Trump, Democratic, Republican Locations: Puerto Rico, Puerto, González, “ Puerto Rico, Puerto Rican, Dalmau, University of Central Florida, U.S

Over the past seven decades, Puerto Rico has been governed by the pro-statehood New Progressive Party, currently in office held by Gov. This year, however, the candidate from the Puerto Rican Independence Party, a minority party that advocates for the island’s independence from the U.S., has had a breakthrough. Independence Party candidate Juan Dalmau has gained enough momentum to have a fighting chance at defeating Jenniffer Gonzalez, the candidate from the incumbent pro-statehood party, and relegating the candidate from the Popular Democratic Party, Jesús Manuel Ortiz, to third place. As a result, Congress passed the PROMESA law in 2016 to create a federally appointed fiscal oversight board to allow Puerto Rico to restructure its debt. In addition to this, Puerto Rico was hit by devastating natural disasters that include 2017’s Hurricane María and a series of earthquakes in 2020 and the pandemic.

Persons: Pedro Pierluisi, Juan Dalmau, Jenniffer Gonzalez, Jesús Manuel Ortiz, he's, Carlos Vargas, Ramos, Puerto Ricans, Ricardo Rosselló, Cristina Rodríguez, “, Rodriguez, Ortiz, Miguel Hernández, there's, Castro, ”, González, Jorge Schmidt Nieto, Schmidt Nieto, Pierluisi, Kamala Harris, Donald Trump, Harris, Tony Hinchcliffe’s, Puerto, Dalmau, Charles Venator, wouldn't, Javier Jiménez Organizations: New Progressive Party, Gov, Popular Democratic Party, Puerto Rican Independence Party, Independence Party, Puerto Ricans, Alianza, Citizens, Center, Puerto Rican Studies, Hunter College, Puerto Rican, Islanders, Puerto Rico, “ Alianza ”, Avid, Housing, U.S, University of Puerto, González, Puerto Rico's Center, Investigative Journalism, of Justice, Puerto Rico’s nonvoting, Popular Democratic, Trump, University of Connecticut Locations: Puerto Rico, U.S, Puerto, New York, Puerto Rican, Puerto Ricans, Alianza, Cuba, University of Puerto Rico, Mayagüez, Dalmau, Santiago, Venator

☆ Death toll in Spain's floods rises to 158, among Europe's worst storm disasters
▼ + stars: | 2024-10-31 | by ( ) www.cnbc.com time to read: +5 min

A man with a shovel stands on a mud-covered street in the aftermath of torrential rains that caused flooding, in Paiporta, Spain, October 31, 2024. A view shows an area affected by heavy rains that caused flooding near Valencia, Spain, October 31, 2024. People stand next to damaged surface metro tracks in the aftermath of torrential rains that caused flooding, in Paiporta, Spain, October 31, 2024. Stranded cars are piled up on the street, following floods, in La Torre neighbourhood in Sedavi, Valencia, Spain, October 31, 2024. A woman kneels down against a wall as mud fills the street in Sedavi, Valencia, Spain, October 31, 2024.

Persons: Eva Manez, Angel Victor Torres, Mayor Maria Jose Catala, La Torre, Doce, Laura Villaescusa, Maribel Albalat, Antonio Molina, Molina's, Oscar Puente, Puente, Susana Vera, Pedro Sanchez, Ricardo Gabaldon Organizations: Rescue, Mayor, Reuters, La Torre, Interior Ministry, TVE Locations: Paiporta, Spain, Valencia, Germany, Romania, Portugal, La, Madrid, La Torre, Sedavi, Valencia city, Spanish, Utiel

☆ Mexico ends seven-match winless run against the USA and hands Mauricio Pochettino his first defeat as head coach
▼ + stars: | 2024-10-16 | by ( Matias Grez | ) edition.cnn.com time to read: +2 min

CNN —Mexico ended a seven-match winless run against bitter rival the United States, winning 2-0 in front of a raucous home crowd at Akron Stadium in Guadalajara. The defeat is Mauricio Pochettino’s first as US men’s national team head coach in only his second game in charge, but the former Paris Saint-Germain and Tottenham manager was missing a number of key players. We can only improve and learn from this experience.”Pochettino, who last month replaced Gregg Berhalter as US head coach, began his tenure with a 2-0 victory over Panama on Saturday. Pochettino suffered defeat in only his second game in charge of the US. Eduardo Verdugo/AP“I think that the team was aware of the bad performance in Puebla, they wanted to prove themselves that they were capable of playing better,” Mexico head coach Javier Aguirre said, per AP.

Persons: Striker Raúl Jiménez, César Huerta, Mauricio Pochettino’s, Germain, Christian Pulisic, Weston McKennie, Ricardo Pepi, Tim Weah, Pochettino, ” Pochettino, Gregg Berhalter, Eduardo Verdugo, Javier Aguirre, Andrés Guardado Organizations: CNN, Akron, Paris Saint, Tottenham, Argentine, Reuters, “, Panama, CONCACAF Nations League, Valencia, Spain’s La Liga, ‘ Locations: Mexico, United States, Guadalajara, Paris, Spain’s La, Puebla, ‘ El Tri

☆ From ALICEs to HENRYs, here's what people on wildly different incomes discuss in therapy
▼ + stars: | 2024-10-14 | by ( Serafina Kenny | ) www.businessinsider.com time to read: +7 min

Four therapists shared what their clients on different incomes discuss in sessions. Money can be a source of stress for both those on lower incomes as well as the ultra-rich. HENRYsSome HENRYs (High Earners, Not Rich Yet) might seem wealthy to others, but still worry about having enough money, Williams said, because "it's all relative." Two HENRYs in a couple, meanwhile, might want to discuss tension in their relationship if they have different ways of thinking about shared wealth, she said. And, as people live longer, she said that some worry about not having enough money to sustain their lifestyles as they get older.

Persons: —, Anna Nathanson, Nathanson, Getty, Ashley Castro, It's, ALICEs, Tracy Williams, Williams, HIFIs HIFIs, HIFIs, Rich, Ricardo Mendoza Garbayo, Castro, Paul L, Johannes Mann, Hokemeyer Organizations: Service Locations: ALICEs, HENRYs, —, New York, Atlanta, Colorado

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